Becoming A Data Ready Enterprise
What is a Data Ready Enterprise?
One that is able to treat data as a strategic asset throughout the organization. One that invests in its enterprise architecture to build a foundation of data ‘readiness’. One that incorporates data into its culture and uses it to drive high performance teams.
Data Drives Profit
In a recent research study, ’Data drives profit in a data-ready enterprise’, more than half of respondents agreed that ‘An effective data strategy can be a competitive advantage for companies’. Yet less than 25% of those same respondents stated ’Our data management is good enough to satisfy our current needs’.
So we know that data is important – yet are we challenged in creating a data ready culture? Are we really only mediocre at best when it comes to managing data? With digital transformation initiatives in full swing (or behind us for those movers and shakers) and our key business processes automated, how do we pivot from focusing on the application to focusing on the data? It starts with defining business strategies at the top and building capabilities throughout necessary to become data ready.
What are the unique business strategies and capabilities required to be data-ready?
In most enterprises, there is a function that focuses specifically on the corporate strategy typically as part of a C-Suite. In order to transform to the data ready enterprise, this function will need to define policies, corporate goals and initiatives that focus the rest of the organization to adopt data management best practices and drive necessary change. This may even include creating an organization dedicated to the organization’s data management function and capabilities with a leader, such as a Chief Data Officer, who may not necessarily report to the CIO.
In order to make key business decisions based on a data-ready framework, organizations should leverage their enterprise architecture teams to identify data assets that are required to support each business function’s needs. Once those assets have been identified, key capabilities – such as data quality, data integration, mastering data, and data governance – need to be developed and matured. Rather than boiling the ocean, start with a key business initiative that would benefit the most from a focus on the data itself.
How do you get started?
If your organization is just starting on its transformational journey to becoming a data ready enterprise, focus on one or two key business initiatives that will significantly benefit from a data ready framework. For example, most Informatica customers start with one business initiative, such as ‘Total Customer Experience’ or ‘Next Generation Analytics’, to build their data ready organizational capabilities. By leveraging the enterprise architecture team, identify common requirements and technologies that can be leveraged across multiple initiatives, and focus on quick wins. Here is where an Intelligent Data Platform approach can offer significant value over point solutions or projects (deploy once, leverage everywhere).
If you are at the very beginning just trying to get support for why this transformation is critical for your business, download the ‘Data drives profit in the data ready enterprise’ ebook. If your executive management team agrees and is looking for how to get started, download the ‘How to organize the data ready enterprise’ ebook.
It’s time to get ready – data-ready!